the LLC structute is still going to exist contrary to what some think. what the LLC's will have to do is make sure they are not using trader deposits to cover losses. if the sec comes down,it will come down on all prop firms refardless of the traders being licensed. its a bad idea for the sec to do this and makes absolutely no sensethe industry would go under and force everyone to go retail as a customer.
Don Bright is not loving this, I'm always concerned when there is something going on in the industry that might look bad. We have a super Compliance Officer, we have always complied with any Regulatory requirements when asked, and we will make changes again if asked to. To Mr. hedgefund07...I really can't go into the details of the legal issues involved (that's why I have a Compliance Officer, to keep up with all this stuff). I hope everything gets settled properly with TUCO and their traders. Have a good weekend! Don
First move was the Penny spread. The final blow to the "Day Trading" industry is under way. They will shut down the "BUCKET" shops as they say. I'm sure the leverage will be cut in half if not furthur. Thus, 5k accounts will not be allowd. Min. deposits will soon reach 20k to 50k. Time is ticking for the industry. Its a shame, I say let the fools play the market on 5k, if they have the "Assets" to back up any leverage given. THus, if they blow out beyond their simple 5K, the rest of us in the INDUSTRY do not have to pick up the tab. Much like "Self Clearing Rules" and simple Clearing Rules in general. I'm all about the game but one must be able to take the majority of the Financial Responsability of the Risk. Unlike the fucking SAPs and Sheoople who bought a Million dollar Home on 90K a year income.